Two US ETFs Under Radar – CONL and ETHU

Overview

Dynamic Core ETF Report covers an innovative investment product, an actively managed ETF that seek capital appreciation by investing in U.S. equities and other instruments. It dynamically adjusts its exposure based on market volatility, aiming to reduce risk during turbulent periods and increase exposure when conditions are favourable, providing a flexible strategy to manage market fluctuations.

This week’s report covers GraniteShares 2x Long COIN Daily ETF (CONL), 2x Ether ETF (ETHU) which are ‘Directional Leveraged ETFs’ that use financial derivatives and debt to amplify the returns of an underlying index, typically by 2x or 3x.  These leveraged ETFs aim to provide magnified exposure to the price movements of a specific asset class, either in the direction of rising (bullish) or falling (bearish) prices.

Section 1: GraniteShares 2x Long COIN Daily

The Fund seeks daily leveraged investment results of two times (200%) the daily percentage change in the share price of GraniteShares 2x Long COIN Daily ETF (NASDAQ: CONL). The Fund may enter into one or more swap agreements with financial institutions for a specified period, which may range from one day to longer than a year.

Its performance over extended periods diverges from the expected 200% due to the compounding effect of daily returns, which is influenced by factors like holding duration and stock volatility. High volatility amplifies the impact of compounding, potentially leading to significant deviations from the underlying stock’s performance. Consequently, this ETF is designed for short-term trading rather than buy-and-hold strategies.

Underlying Stock: Coinbase Global (NASDAQ: COIN)

Coinbase Global, Inc. (NASDAQ: COIN) is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides a platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications. 

Section 2: Technical Analysis on ETF and Underlying Asset

NASDAQ: CONL

The GraniteShares 2x Long COIN Daily ETF (CONL) is showing early bullish technical signals, with price stabilizing in the USD 17.5–18.0 range after a prolonged decline, indicating base formation and diminishing selling pressure. Momentum indicators are improving, as reflected by the RSI recovering into the low-50s and a nascent bullish shift in the MACD, while short-term moving averages are beginning to flatten, suggesting downside momentum is easing. A decisive breakout above the descending trendline and the USD 18.5–19.0 resistance zone would likely confirm a near-term trend reversal, with any sustained strength in Coinbase or broader crypto markets potentially amplifying upside given CONL’s leveraged structure.

Underlying Asset Analysis: NASDAQ: COIN

Coinbase Global, Inc. is exhibiting early signs of technical stabilization with a modest bullish bias on the 4-hour timeframe. After respecting the lower boundary of the descending trend channel, price has rebounded toward the USD 245–250 zone, while the RSI has recovered to the mid-50s, indicating improving momentum without entering overbought territory. Although the stock remains below the declining 50- and 100-period EMAs, the flattening of short-term moving averages and a nascent positive turn in the MACD histogram suggest waning downside pressure. A sustained move above the immediate resistance near USD 255–260 would strengthen the case for a short-term trend reversal, while holding above the recent swing low reinforces the constructive near-term technical setup.

Section 1: 2x Ether ETF (ETHU)

The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change in the share price of 2x Ether ETF (NASDAQ: ETHU). The Fund is an actively managed ETF that attempts to achieve two times the daily percentage change in the share price of the Underlying Security.

Its performance over extended periods diverges from the expected 200% due to the compounding effect of daily returns, which is influenced by factors like holding duration and stock volatility. High volatility amplifies the impact of compounding, potentially leading to significant deviations from the underlying stock’s performance. Consequently, this ETF is designed for short-term trading rather than buy-and-hold strategies.

Underlying Cryptocurrency: Ethereum

Ethereum is a decentralized, open source blockchain network and software development platform, powered by the cryptocurrency ether (ETH). Ethereum is the secure, global foundation for a new generation of unstoppable applications.

Section 2: Technical Analysis on ETF and Underlying Asset

NASDAQ: ETHU

ETHU is exhibiting an improving technical setup with a modest bullish bias on the 4-hour timeframe. Price action has stabilized above the recent ascending support near the mid-USD 60s, forming a higher low after a prolonged corrective phase, which suggests selling pressure is easing. Momentum indicators are supportive, with the RSI holding above 60, indicating strengthening positive momentum without entering overbought territory, while the MACD has turned marginally positive, signaling an early shift in trend strength. Although ETHU remains below longer-term moving averages, the flattening of short- and medium-term EMAs points to a developing base, and a sustained move above the USD 67–70 resistance zone would further strengthen the case for near-term upside, particularly given the ETF’s leveraged exposure to Ether.

Underlying Asset Analysis: Ethereum

Ethereum is displaying a constructive technical setup with a modest bullish bias on the 4-hour timeframe. Price has continued to hold above its rising short- and medium-term EMAs, while gradually approaching the downward-sloping 200-period EMA near the USD 3,250–3,300 zone, indicating improving trend strength. Momentum indicators remain supportive, with the RSI elevated near the high-60s, reflecting strong buying interest without clear overbought conditions, and the MACD remaining in positive territory, signaling sustained upside momentum. A decisive breakout and hold above the USD 3,300 resistance area would likely confirm continuation toward higher levels, while the broader structure suggests higher lows are forming, reinforcing a constructive near-term outlook despite intermittent consolidation.

Related Risk: Investing in the Fund carries inherent risks, including potential losses. The Fund's NAV and performance are influenced by various factors. Key risks include the effects of compounding, market volatility, and underlying stock risks, which can significantly impact returns and increase the likelihood of financial losses.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is January 06, 2026. The reference data in this report has been partly sourced from REFINITIV

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.